Cryptocurrencies are gaining recognition with new regulatory support. The Dubai Financial Service Authority (DFSA) has approved the stablecoins USDC and EURC for use within the Dubai International Financial Centre (DIFC).
Stablecoins Recognition in Dubai
USDC and EURC, recently approved in the EU and Canada, have gained recognition from the DFSA. This allows companies in the DIFC to adopt these stablecoins for various digital asset functions like payments and treasury management.
USDC Minting Surge
Circle has significantly increased its USDC issuance. From January to February, the market capitalization of USDC jumped from $45 billion to $56 billion, marking over a 23% increase. As of the end of February, USDC's market cap reached $57.2 billion.
Circle's Strategic Expansion
Circle is on a roll, securing compliance for USDC across various regions. The stablecoin has already met regulations in the EU and Canada, and Circle is fortifying its position in Middle Eastern markets.
The approval of USDC and EURC in Dubai marks significant progress for cryptocurrencies in the region. These developments underscore the growing importance of crypto assets in global financial systems.
